According to president Jinping, “this sum will be provided as a governmental assistance as well as investment and financing from domestic financial institutions and enterprises for all Africa.”

Referring to Xinhua, the financing includes $ 15 billion in grants, interest-free loans and concessional loans, $ 20 billion in credit lines, the establishment of $ 10 billion special fund for development finance and $ 5 billion special fund to finance Africa's importations.

A package of initiatives for Africa

Chinese President Xi Jinping announced the establishment of eight major initiatives with African countries in the following three years.

These initiatives will cover sectors such as industrial promotion, infrastructure connectivity, trade facilitation and ecological development.

Industrial promotion

As far as industrial promotion is concerned, a China-Africa trade and economic exhibition will open in China very soon with the aim of encouraging Chinese companies to intensify their investments in Africa. The country is committed to implement 50 agricultural assistance programs and will provide $ 147 million in emergency humanitarian food aid to African countries affected by natural disasters. 500 top Chinese agricultural experts are also announced in Africa.

Infrastructure connectivity

In this domain, President Xi said that China will work with the African Union to develop a Sino-African infrastructure cooperation plan and support Chinese companies in their participation in Africa's infrastructure development through investment -construction-operation or other means.

Trade facilitation

He noted that China would increase importations from Africa, especially non-related-resource products, and support African countries in their participation in China International Importation Fair. He promised that the developing African countries will be exempt from exhibition stand fees.

Ecological development

At this level, China will undertake 50 projects to support ecological development and environmental protection, with a focus on climate change, the ocean, prevention and control of the environment, desertification and the protection of fauna and flora.

Capacity building

Here, China would establish ten Luban workshops in Africa to provide vocational training for young Africans. It will also train 1,000 high-level Africans, grant Africa 50,000 government scholarships, sponsor seminar and workshop opportunities for 50,000 Africans, and invite 2,000 young Africans to visit China for exchange.

Health care

President Xi assured that China would improve 50 health and medical assistance programs for Africa, with a focus on flagship projects such as the headquarters of the African Center for Disease Control and Prevention and the hospitals of China-Africa friendship.

Exchange between peoples

He said China would establish an institute of African studies and strengthen exchanges with Africa on civilization. China welcomes Africa to participate in the International League of Silk Road Theaters, the International Alliance of Silk Road Museums and the Road Art Festival Network of the silk.

Peace and security

He announced that China would establish a China-Africa peace and security fund and continue to provide free military assistance to the African Union. A total of 50 security assistance programs will be implemented in areas such as the UN peace keeping missions, the fight against piracy and the fight against terrorism.

After all these announcements, African leaders expressed their gratitude to China and especially pleaded for a more direct and sustained involvement of Chinese companies in the private sector in Africa.

The 2018 Beijing Summit of the Forum on China-Africa Cooperation will end on Tuesday with Beijing declaration.